Nissan is the latest victim of BYD’s “liberation battle” against gas-powered cars. After BYD’s aggressive price cuts this year, Nissan is shutting down a factory in China as it struggles to keep up.
As is the case for many legacy automakers, China is a critical sales market for Nissan. Nearly a third of Nissan’s global sales and net profits are from China.
After slipping out of the top five automakers (by market share) in China in 2022, Nissan’s woes are worsening. Nissan’s sales fell 16% in China last year and the trend has continued into 2024.
Nissan’s sales fell another 2.8% last month, with 64,233 vehicles sold in China. The company cut guidance by 23% last year, with 800,000 vehicle sales expected in fiscal 2024. According to Nikkei, Nissan will do so with one less factory.
Nissan is closing the doors to its plant in Changzhou as the…